By Associated Press
Getty Images/iStock Photos
Asian shares were mostly higher Tuesday as investors hung onto hopes the coronavirus pandemic may come under control as treatments get developed.
“The positive coverage on potential COVID-19 vaccines and treatments opens the door wide open to a rotating carousel of stocks,” said Stephen Innes, chief global markets strategist at AxiCorp.
If symptoms of the infection could become as mild as a cough or runny nose during a flu, the economy could return to normal, he added.
Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +1.11% rose 1.8% while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.64% fell 0.4%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.71% slipped 0.2% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.70% inched up 0.2%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.22% gained 1.4%, and benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +1.24% , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.42% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.45% advanced. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.85% edged up 0.4%.
Investors are also awaiting a speech by U.S. Federal Reserve Chair Jerome Powell later this week that he would normally give at Jackson Hole, Wyoming. This year’s economic policy symposium will be online due to the pandemic.
Investors closely follow speeches at the annual Jackson Hole event, where Fed officials sometimes generate market-moving headlines. This year’s event is titled “Navigating the Decade Ahead: Implications for Monetary Policy.”
While signs that the increase in COVID-19 cases around the world may be slowing down gradually are cause for optimism, worries about recurring waves remain.
“The news that a Hong Kong man has been proven to be reinfected with COVID-19 means that the assumption of the market that it is only a matter of time before a vaccine comes and brings back the old life again, is more questionable,” said Robert Carnell, regional head of research, Asia Pacific, at ING.
“But perhaps we should be tempering our optimism,” he said.
On Wall Street, the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.63% rallied 1% to 3,431.28 and added to the all-time high it set last week. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.44% rose 1.4% to 28,308.46, and the Nasdaq composite /zigman2/quotes/210598365/realtime COMP -1.65% added 0.6% to 11,379.72.
Benchmark U.S. crude oil slipped 5 cents to $42.57 a barrel in electronic trading on the New York Mercantile Exchange. It rose 28 cents to $42.62 per barrel Monday. Brent crude , the international standard, rose 11 cents to $45.24 a barrel.
The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0104% inched up to 105.90 Japanese yen from 105.82 yen.